Chinese online sports lottery service provider 500.com has announced the resumption of its operations in Sweden via its Malta-based subsidiary The Multi Group (TMG).
The firm has been given the green light to restart operations in Sweden after having received a renewed e-gaming license for two years for secondary lottery and casino from Sweden’s e-gaming regulatory authority, Spelinspektionen.
Spelinspektionen originally suspended Multi Brand’s license in January when 500.com missed the deadline for completing the licence renewal process. The firm said, at the time, that it hoped to resume operating in Sweden by mid-February but that lapsed.
Revenue generated by TMG accounted for approximately 89.7% of the company’s total net revenues for the fiscal year ended December 31, 2019, of which approximately 61.3% was generated from Sweden.
In its recently published unaudited financial results for the second quarter ended June 30, 2020, 500.com recorded net revenues of RMB3.6m versus net revenues of RMB9.7m year-on-year. Operating loss was RMB52.3m compared with RMB138.3m year-on-year.
